KPMG has released its annual global survey of corporate tax systems. For the 10th-consecutive year, the average corporate tax rate fell, and it is now down to 25.5 percent (just 23.2 percent in the European Union!).

In the United States, unfortunately, the corporate tax rates remains stuck at about 40 percent. Only one developed nation, Japan, has a more punitive regime.

Something to keep in mind the next time a politician complains that jobs are going to China (corporate tax rate of 25 percent).